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Compute the jimenez enterprises foreign tax credit

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Question

Jimenez Enterprises is incorporated in Arkansas. It generated a $5,000,000 profit on its overseas operations this year. Jimenez paid $2,000,000 in income taxes to other countries. Jimenez's marginal Federal income tax rate is 21%.

Compute the Jimenez Enterprises' foreign tax credit and carryovers for the year.

Reference no: EM132367943

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